REPORT ON BUDGETING FOR FLUCTUATIONS IN FUEL COST RATES.

SEC. 1006. REPORT ON BUDGETING FOR FLUCTUATIONS IN FUEL COST RATES.(a) Secretary of Defense Report.—(1) Report on budgeting for fuel cost fluctuations.—Not later than February 15, 2007, the Secretary of Defense shall submit to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives a report on the fuel rate and cost projection used in the annual Department of Defense budget presentation.(2) Matters to be included.—In the report under paragraph (1), the Secretary shall—(A) identify alternative approaches for selecting fuel rates that would produce more realistic estimates of amounts required to be appropriated or otherwise made available for the Department of Defense to accommodate fuel rate fluctuations;(B) discuss the advantages and disadvantages of each approach identified pursuant to subparagraph (A); and(C) identify the Secretary’s preferred approach among the alternative identified pursuant to subparagraph (A) and provide the Secretary’s rationale for preferring that approach.(3) Identification of alternative approaches.—In identifying alternative approaches pursuant to paragraph (2)(A), the Secretary shall examine—(A) approaches used by other Federal departments and agencies; and(B) the feasibility of using private economic forecasting.(b) Comptroller General Review and Report.—The Comptroller General shall review the report under subsection (a), including the basis for the Secretary’s conclusions stated in the report, and shall submit, not later than March 15, 2007, to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives a report containing the results of that review.